Trump: 100% tariff on chips, semiconductors. Exempt from tariff if made commitment to build in US.
However, companies like hashtag#Nvidia ( $NVDA ) and hashtag#Apple ( $AAPL ), which have already invested heavily in U.S. manufacturing, are exempt from the new policy... Source: CNBC
Updated Uber Free Cash Flow chart is incredible.
$8.5B and counting! 🤯 $UBER Source: Fiscal.ai
The average american now needs to work nearly two full years to buy a single Bitcoin
Source: Documenting Saylor @saylordocs on X
If you put a punitive tariff of 25% on India for importing Russian oil, you have to do the same for China, which is an even bigger buyer.
That means China tariffs go from 50% to 75% (and 20% in Jan. '25). Will it be applied on China as well??? Source: Robin Brooks
With Trump's new Tariffs on Swiss watches, it will now be cheaper to fly to Hong Kong and buy a watch.
Source: Drew @aKellyBrand on X
Swiss urged to bring Fifa chief off bench in Donald Trump tariff row
According to the FT, Swiss political figures are calling for Fifa president Gianni Infantino to be enlisted to help sway Donald Trump, as the country reels from being saddled with the highest US tariff rate in Europe. The calls come as Switzerland’s president and economy minister failed in a last ditch bid to avert the implementation of 39 per cent tariffs, as they left Washington empty handed. President Karin Keller-Sutter and economy minister Guy Parmelin met with Marco Rubio on Wednesday afternoon but announced no change to the high tariff. The Swiss delegation was unable to secure a meeting with Trump. According to the FT article: "One member of Switzerland’s upper house as well as a former Swiss ambassador are among those arguing the world football chief could help secure vital access to the US president, with whom he has a long-standing rapport (...) National Councillor Roland Rino Büchel, also a member of the SVP, was among those arguing the Fifa president could act as an informal backchannel to the US president. Trump has previously referred to Infantino as “a friend of mine”, a “winner” and an “excellent guy”. Source: FT
So much for the end of US exceptionalism...
US equity market cap as a percentage of the developed world total rose for a third month to 72.5% at the end of July, while Europe's weight declined to 16.1%. Source: Augur Infinity
ISM Services numbers yesterday clearly brought stagflation fears back to the table.
However, the Goldman Sachs Stagflation basket barely moved. Still, this one needs to be monitored closely as periods when this basket moves up are generally not good ones for US equities broader index. Source: Bloomberg, GS
